AQR Capital Management LLC Buys 214,547 Shares of Remitly Global, Inc. (NASDAQ:RELY)

AQR Capital Management LLC grew its stake in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 338.7% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 277,889 shares of the financial services provider's stock after buying an additional 214,547 shares during the quarter. AQR Capital Management LLC owned 0.14% of Remitly Global worth $6,272,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Global Retirement Partners LLC acquired a new position in shares of Remitly Global in the fourth quarter valued at approximately $28,000. R Squared Ltd acquired a new position in shares of Remitly Global in the fourth quarter valued at approximately $89,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Remitly Global in the fourth quarter valued at approximately $135,000. KBC Group NV boosted its holdings in shares of Remitly Global by 49.7% in the fourth quarter. KBC Group NV now owns 6,121 shares of the financial services provider's stock valued at $138,000 after buying an additional 2,033 shares during the period. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of Remitly Global in the fourth quarter valued at approximately $155,000. Institutional investors and hedge funds own 74.25% of the company's stock.

Analysts Set New Price Targets

RELY has been the subject of several research analyst reports. The Goldman Sachs Group upped their price target on shares of Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a report on Thursday, May 8th. KeyCorp increased their target price on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. Barclays increased their target price on shares of Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday. BMO Capital Markets increased their target price on shares of Remitly Global from $27.00 to $32.00 and gave the stock an "outperform" rating in a report on Thursday, February 20th. Finally, Wells Fargo & Company increased their target price on shares of Remitly Global from $21.00 to $25.00 and gave the stock an "equal weight" rating in a report on Thursday, February 20th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $28.88.

Insiders Place Their Bets

In other news, insider Ankur Sinha sold 5,000 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.01, for a total value of $95,050.00. Following the transaction, the insider now directly owns 397,805 shares of the company's stock, valued at $7,562,273.05. This represents a 1.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.31, for a total transaction of $281,597.73. Following the completion of the transaction, the chief executive officer now directly owns 4,329,513 shares in the company, valued at $83,602,896.03. The trade was a 0.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 77,301 shares of company stock valued at $1,560,012. 7.50% of the stock is currently owned by corporate insiders.

Remitly Global Price Performance

NASDAQ RELY traded down $0.15 on Tuesday, hitting $24.34. 571,656 shares of the stock were exchanged, compared to its average volume of 2,004,469. The business's fifty day moving average is $20.47 and its 200 day moving average is $21.59. Remitly Global, Inc. has a 52 week low of $11.60 and a 52 week high of $27.32. The company has a market capitalization of $4.96 billion, a PE ratio of -128.11 and a beta of 0.16.

Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.09. Remitly Global had a negative net margin of 2.93% and a negative return on equity of 6.10%. The firm had revenue of $361.62 million for the quarter, compared to analyst estimates of $347.81 million. During the same period in the prior year, the firm posted ($0.11) earnings per share. The company's quarterly revenue was up 34.3% compared to the same quarter last year. Analysts predict that Remitly Global, Inc. will post -0.04 EPS for the current fiscal year.

Remitly Global Profile

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.